IRENA Taking Applications for Initial $50 MM Renewable Energy Project funding from UAE
The International Renewable Energy Agency (IRENA) is accepting online applications with project summaries for renewable energy projects in developing countries in an initial, $50 million round of funding from the Abu Dhabi Fund for Development (ADFD). The first of seven anticipated funding cycles, ADFD expects to make concessional loans of $350 million in total.
The announcement was made in advance of energy ministers and a wide range of participants from the climate science, environmental and NGO sectors around the world gathering this week for the United Nations Framework Convention on Climate Change (UNFCCC) 18th Conference of Parties (COP 18) in Doha, Qatar.
“Mobilizing finance is one of the greatest challenges for scaling up renewable energy. Providing financial support to projects that are innovative, replicable and broaden energy access is crucial,” IRENA states in a press release.
Scaling Up Renewable Energy in Developing Countries
Projects need to be government-led or government-guaranteed. The online application process will close on January 12.
Projects selected for ADFD funding by IRENA will “need to offer innovative and replicable approaches to broaden energy access, meet development goals and accelerate the uptake of renewable energy technologies,” the Bonn-based intergovernmental organization elaborates. Founded in 2009, 158 national governments and the EU have signed IRENA's Statute, with 100 and the EU having ratified it.
“The time has never been better for promoting renewable energy in the developing world,” stated Frank Wouters, IRENA Deputy Director-General, in a press release. “Costs have fallen, demand is growing, and renewables offer an unprecedented opportunity to broaden access. But we need finance to make this a reality.
With this new facility, the Abu Dhabi Fund for Development and IRENA are making innovative renewable energy projects bankable and providing opportunities for new renewable energy businesses to grow in energy-poor areas.”